PayPal Co-Founder Peter Thiel and venture capitalists have invested a total of $50 million in Digital Currency Group-backed bitcoin mining business Layer1, Yahoo! Finance reports.
Layer1 is a San Francisco-based cryptocurrency business aimed at building an ecosystem around privacy coin, said Co-Founder of Layer1 Alexander Liegl.
It is expected that the firm will be special due to its focus on minimizing the cost of electricity and maximizing the efficiency of chips.
"We expect our chips to be competitive for at least eight years now...you want to have your own chips in hand. We also have our own electricity substations: effectively that's as close you can get to owning your own power plant," Liegl added.